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Vikram Pandit set to buy stake in JM Financial

16 May, 2013

Vikram Pandit, the former chief of Citigroup, is set to pick up a stake in JM Financial, the home-grown financial services firm, two sources privy to the matter told VCCircle.

The Mumbai-based financial services firm led by Nimesh Kampani is allotting warrants on a preferential basis at around Rs 29 per share to Pandit, sources said. It is also learnt that the board meeting on Thursday discussed a proposal to issue preferential warrants to the investor among other things. Sources also indicate that the allotment could be up to 5 per cent. This will put the deal size at around Rs 108-110 crore.

Shares of JM Financial jumped ahead of the board meeting on Thursday. A formal communique to the exchanges on the development is expected soon.

A JM Financial spokesperson declined to comment on the matter. VCCircle could not contact Pandit at the time of filing this article.

The stock of the company soared to Rs 23.55 per share, up 16.01 per cent by the end of the day on BSE.

The association between Pandit and Kampani is not new. In August 2006, Pandit’s hedge fund Old Lane Partners, LP, was the lead investor and co-sponsor to JM Financial India Fund, a corporate private equity fund floated by JM Financial.


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Vikram Pandit set to buy stake in JM Financial

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